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Qatar said it expected a surplus of QR497mn ($136.5m) in its 2001/2002 budget, reported the Gulf Times newspaper.

Finance minister, Yousef Hussein Kamal, said that the surplus for the fiscal year starting in April was based on projected revenue of QR18.1b and spending of QR17.56b.

The minister, said the paper, put spending in the 2000/2001 budget at QR15.4bn and revenues at QR12.62bn.

“The 2000/2001 budget was based on an oil price of $15 per barrel,” he told the paper.

"By basing next year's budget on an average oil price of $16.5, there are positive indicators that that budget will realize a surplus which could reach more than 3% of gross domestic product (GDP)," the minister said – Albawaba.com